Supports for Sustainable Growth
The Export-Import Bank of Korea announced that the bank held the “7th EDCF Advisory Committee meeting” on January 12 at its headquarters in Yeouido, Seoul. The advisory committee held a meeting to explain to attendees about the "2017 EDCF Key Business Strategy" to support developing countries in building sustainable growth and in strengthening economic cooperation with Korea.
As an entrusted institution of the Foreign Economic Cooperation Fund (EDCF), the Export-Import Bank of Korea has been running the advisory committee consisting of experts from various sectors such as the media, academia and industry since 2013 in order to establish a policy direction from a balanced perspective by collecting diverse opinions on various aspects of official development assistance (ODA).
"This year marks the 30th anniversary of the EDCF, and I will make 2017 the first year of its new take-off," said Lee Duk-hoon, chairman, president & chief executive officer at the Export-Import Bank of Korea in the meeting. "In order to have the EDCF take the lead in mobilizing resources for development needed to build a foundation for sustainable growth in developing countries, we will expand our support for the key areas of sustainable development goals (SDGs) with the introduction of various financing methods."
The Export-Import Bank of Korea plans to expand the EDCF’s support for Africa, Latin America, and the CIS region by selecting new industry sectors such as transportation infrastructure, regional development, and climate change which significantly contributes to economic growth, industrialization and job creation in developing countries this year.
Specifically, the Export-Import Bank of Korea will discover promising projects with high development effects by expanding the number of supports for business consulting such as pre-project feasibility studies on and project design of mid- to long-term candidate projects to about 30 annually and give support of customized financial packages for each income level to developing countries in connection with the Export-Import Bank of Korea’s various policy finance methods such as concessional loans, export finance and development finance.
In addition, the government will expand cooperative loans to support EDCF funds and MDB development funds in developing countries by making cooperative strategies based on the characteristics of multilateral development banks (MDBs) such as the World Bank (WB) and the InterAmerican Development Bank (IDB).